Navigation Links
Hampton Roads Ventures Tackles U.S. Healthcare Crisis Community by Community
Date:3/16/2009

Medical Office Building Project Provides State-of-the-Art Healthcare for Rural and Urban Communities

NORFOLK, Va., March 16 /PRNewswire-USNewswire/ -- Hampton Roads Ventures (HRV), a community development investment firm, employed the federal New Markets Tax Credit ("NMTC") program to provide equity and debt financing for two medical building projects in both urban and rural communities in Virginia providing successful solutions to one of the top issues affecting Americans: affordable and accessible healthcare.

With the recent deal closing of the Duffield Medical Center in Duffield, Va., HRV solidified its impact on the federally-designated medically underserved area in the Appalachia region. Using NMTCs to attract private sector investment capital, HRV provided $5 million of financing with "equity-like" features and non-traditional rates and terms to facilitate the development of the state-of-the-art 26,500 sq. foot project.

HRV's innovative financing techniques are allowing for the area to triple its available physicians from two to six, providing a full service outpatient diagnostic center and a fully-equipped rehabilitation facility -- a first for the Community Development Financial Institutions (CDFI) Low-Income Community. The development of this $6.9 million center will provide 37 permanent jobs and provide countless health improvements for those in the surrounding community.

In continuing with its 2009 initiative focusing on Jobs, Healthcare, and Education, HRV partnered with development firm Lauth, Bank of America and SunTrust to solidify the dream of longtime Norfolk resident, Dr. Keith Newby, Sr. to develop the Fort Norfolk Plaza Medical Office Building. The nine-story, 195,890 sq. foot building will be the first new medical office building constructed in Downtown Norfolk in 40 years.

HRV was poised to help fulfill Dr. Newby's dream with its investment of $11.6 million in below market-rate and "equity-like" loans for the project. The $67.8 million project will provide state-of-the-art facilities to health care professionals with a Medicare/Medicaid patient population of at least 50 percent to 60 percent. In addition, the Class-A building will include several medical practices, a parking garage, and retail space creating approximately 1,205 new jobs in an urban community near three low-income public housing communities.

"The innovative development of these medical office projects are just the beginning of what we hope to accomplish. Facilitating NMTCs to more than 10 projects, HRV continues to be a part of significant community transformations throughout the U.S., while keeping a constant focus on the most prominent issues Americans are facing," said Robert K. Jenkins, Jr., HRV President and CEO.

About HRV

Hampton Roads Ventures, LLC, is a community development investment firm specializing in attracting private-sector investment capital into innovative economic community development projects in underserved communities, particularly lower income urban and rural communities. HRV works closely with local business, government and civic leaders to identify investment opportunities that will be a catalyst for additional private sector investment and development.

    Contact Hampton Roads Ventures, LLC
    Dwan Jones - 757.619.1394 - media@hamptonroadsventures.com
    Stephanie Best - 757.616.0478 - info@hamptonroadsventures.com


'/>"/>
SOURCE Hampton Roads Ventures
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. PSI Selected to Operate Virginias Child Support Program in Chesapeake and Hampton
2. Matthew Reeve to Host The Christopher and Dana Reeve Foundations Annual Hamptons Summer Soiree
3. Broadstreet Names Dorian Fabio Executive Vice President of Learning and Performance Improvement
4. VirtualHealth Technologies CEO Scott Hare Discusses New Security and Encryption Technologies for Healthcare Sector with CEORoadshow.com in Exclusive Online Audio Interview
5. Researchers Map Americas Deadliest Roads
6. Broadspire Announces Key Leadership Appointments
7. XM Launches Second Annual XMKiDS Traveling Roadshow National Initiative Benefiting Childrens Miracle Network
8. PEMCO Insurance Organizes Roadside Chainsaw Woodcarving Competition to Replace a Beloved Federal Way Icon
9. Genetic Medicine Making Inroads Against Disease
10. Hillenbrand Releases Investor Roadshow Materials and Updated Financial Guidance Related to Separation Of Hill-Rom and Batesville Casket
11. Small Health Plans Making Inroads in Florida Marketplace
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... ... outlet with a clinician-based audience, will be participating in Rare Disease Day events, ... Washington, D.C. In addition, Rare Disease Report, a website, weekly e-newsletter and quarterly ...
(Date:2/23/2017)... ... February 23, 2017 , ... Rosica Communications, a national ... marketing, social media management, corporate communications, SEO and cause marketing, is opening an ... nearby New Hampshire, Massachusetts and Canada, Rosica will focus on expanding its footprint. ...
(Date:2/23/2017)... ... February 23, 2017 , ... Pink Pig Publishing ... generations converge and explore the world from different perspectives. By providing a place ... to gain understanding, increase empathy, and find greater happiness. , "Our approach ...
(Date:2/23/2017)... ... 2017 , ... The Center for Autism and Related Disorders ... Research and Treatment (RI-CART) and Cinemaworld to present Sensory Friendly Films. The events ... films in an environment that accommodates their unique needs. , Launched in January, ...
(Date:2/23/2017)... ... 2017 , ... Curemark, LLC announced today that the Blüm Study, a Phase ... 3-8 with Autism, is now enrolling at three new sites. These new sites are ... , “There are currently no approved drugs that address the core symptoms of ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... , Feb 23, 2017 Research and Markets ... & Trends - Industry Forecast to 2025" report to their ... The ... around 6.9% over the next decade to reach approximately $47.6 billion ... estimates and forecasts for all the given segments on global as ...
(Date:2/23/2017)... February 23, 2017 The fast-growing cannabis ... the United States . According to the 2017 Legal ... is expected to create 283,422 jobs by 2020, with an ... the next four years. The accelerating pace of cannabis legalization ... of legal cannabis market, which will further create more business ...
(Date:2/23/2017)... , February 23, 2017 ... on the global market for intraoperative imaging, excerpts ... valued at US$ 513.9 million. According to the ... surging on the grounds of increasing adoption of ... field of diagnostic imaging for neurosurgeries. The world,s ...
Breaking Medicine Technology: